As laws currently stand, when you reach the age of 65 you will be eligible to receive Medicare assuming you (or your spouse) have worked and paid into the program for at least 10 years. This can lead you to believe that all of your medical expenses will be taken care of once you reach the age of eligibility.
When you are budgeting for your retirement years you need to know all of the facts. Making assumptions can result in negative consequences, and with this in mind you would do well to understand the fact that there are out-of-pocket expenses that go along with Medicare.
The portion of the program that pays for hospitalization carries a deductible. Right now that deductible stands at $1156 per benefit period.
Medicare Part B covers visits to doctors and outpatient care. You have to pay a monthly premium to obtain this coverage, and the exact amount that you must pay varies depending upon your income level. The lowest premium stands at $99.90 as of this writing.
Medicare prescription drug coverage also carries a premium that fluctuates depending on your income level.
As you can see, there are some relatively significant expenses that go along with Medicare coverage and you must budget for them intelligently.
The best way to proceed with regard to making preparations for the eventualities of aging is to sit down and discuss all the details with an expert. If you are interested in doing this, don’t hesitate to pick up the phone to arrange for a consultation with a good Oklahoma City elder law attorney.
Author, President and Founding Attorney
Parman & Easterday
- Understanding Estate Planning – What is a Letter of Instruction? - April 2, 2020
- Do I Really Need an Estate Plan? - March 31, 2020
- Founding Attorney, Larry Parman, Shares a Personal and Insightful Message about the Coronavirus Situation and How the Firm is Handling It (click on the video below) - March 27, 2020